Sale of rental property on Form 1120S, page 1, instead of Form 8825

The sale of property entered in the
Rent & Royalty
folder might flow to Form 1120S, page 1, instead of Form 8825 as expected.
UltraTax CS can't determine what portion of the sale is relevant to the rental property. You'll need to enter the amount on the
Rent
screen in the
Rent & Royalty
folder in the
Sale of property (S Corp) (Rentals)
field. The amount entered will transfer to Form 8825, line 19, and will subtract from the gain transferred from Form 4797 to Form 1120S, page 1, line 4. This field only applies if you select
Code 1, Rental real estate
or
Code 2, Other rental
in the
Type of activity
field on the
Rent
screen in the
Rent & Royalty
folder.

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